Magnetic safety lock firm attracts £90k funding

11-Jun-2018

Bibby Financial Services has provided £90k in
funding to GOH Trading, an international supplier of magnetic safety locks. The
funding package is a combination of trade finance, invoice finance and an FX
facility, allowing GOH Trading to fund its business across its entire product
cycle.

GOH Trading markets the ‘whatlock’® brand of
magnetic safety locks for cupboards, doors and cabinets, with customers in the
UK, Europe and other international markets.

BFS’s trade finance facility allows the
business to purchase goods by bridging the cashflow gap between paying their
suppliers and receiving payment from customers. GOH Trading is also supported
with funding through invoice finance, allowing the business to access funds
within 24 hours. Finally, GOH Trading has sought to mitigate its exposure to
trading in different currencies with an FX facility.

As a family run business, GOH Trading is led by
managing director Suzanne Hall and director Richard Antrum, with an experienced
team, office and logistics based in Hull, UK. ‘whatlock’® is the original
magnetic safety lock for cupboards, drawers and cabinets and has now been
re-launched with a new design, brand image and website.

Suzanne Hall, managing director, GOH Trading
explains:

“As an international business with an ambitious
growth strategy we needed a funding partner that could provide a solution to
scale with our business. BFS took the time to understand the international
nature of our business and provide the funding package that suited our needs.

“Since relaunching our new design, we’ve had
great feedback from customers and we’re very confident in our future growth
prospects. It is our intention to capitalise on our success and grow the
business in new markets with our innovative magnetic safety locks. The funding
will play a crucial part in the growth of the business.”

Wayne Spratt, business development manager,
Bibby Financial Service said:

“We developed a funding facility to support GOH
Trading’s core business, provide scalability and protection from currency
volatility when paying international suppliers. It is very common for
international trade to be hampered whilst cashflow issues arise. Trade finance
allows GOH Trading to bridge this cashflow gap between paying their suppliers
and receiving payment from their customers.

“As the business increasingly looks to expand
into other international markets, it was incredibly important for the business
to limit their exposure to currency fluctuations, and that was why we
integrated foreign exchange into the facility. Now that the firm has funding in
place, we look forward to seeing its ambitious growth potential realised.”